Considering spectrally resolved absorption and temperature distribution, a physical model is established to describe the laser kinetic and thermodynamic processes of an exciplex pumped Rb vapor laser. A comparison with Carroll's model is made. Influences of pump intensity, temperature, reflectivity of output coupler, and number density of Kr on the performance of CW Rb-Kr XPAL with uniform temperature distribution are calculated and analyzed. Besides, with the heat accumulation considered, the temperature distribution was calculated, and the maximal optical-to-optical efficiency about 5.7% can be achieved at the condition of pump intensity I0 = 5.2 × 1010 W/m2 and flow velocity u = 250 m/s.